Zheng Zhigang: It can only solve the pain of the reform of state -owned enterprise reform. If you want to fundamentally solve the problem of conversion of the business mechanism of state -owned enterprises, you can only achieve it by mixing.

It is not difficult for the observer of state -owned enterprise reform to find that while the state -owned enterprise reform is advancing along the introduction of private capital background war, and the implementation of the mixed ownership reform of ownership of the ownership, it seems that it still follows another looming state -owned enterprise reform idea at the same time.That is the reconstruction of state -owned resources achieved through mergers and acquisitions and reorganizations and the optimization of the national asset industry layout.For example, the Casino and Beicha were merged into CIMC in 2015. Baosteel and Wugang merged into Baowu in 2017. The China Nuclear and China Nuclear were built into a new China Nuclear in 2018, and so on.

Recently, it was the merger of the North -South ships of the CRRC (South Ship) and the heavy worker (North Ship) of CSSC.If we call the previous state -owned enterprise reform ideas, we may call the latter idea.

It is not difficult for us to observe in the complete cases of state -owned enterprise mergers and acquisitions, and in reducing the vicious competition between state -owned enterprises, eliminating excess capacity, etc., which may play a positive role.For example, an important consideration of the merger of Casino and North Car is to reduce the vicious competition between state -owned enterprises and enhance the overall international competitiveness of CRRC;

In the background of the economic downturn, the steel industry is facing the reality of overcapacity, in order to improve the overall competitiveness and concentration of the steel industry, eliminate backward production capacity, and turn product development to high -end products and fine processing products.Wu seems to be in water; and for the merger of the North -South ships that are actively brewing according to market rumors, it seems that it is not difficult to find the ship under the depth and shock of the ship in the global shipbuilding industry.Whether the Chinese shipbuilding industry can achieve the key to overtaking.Compared with South Korea and other shipbuilding countries, the concentration of China's shipbuilding industry still has a lot of room for improvement, and reorganization integration is a real reason for the general trend.

Our problem is that since state -owned enterprises have achieved many benefits through mergers and acquisitions and reorganizations, why should we still emphasize like the title of this article. It is better to mix as the state -owned enterprise reform?

First of all, the high (monopoly) profits brought by the temporary or local monopoly industrial structure have covered the problem of institutional transformation that the real needs to be solved by state -owned enterprises. From the long run, it is not conducive to the transformation and management efficiency of the state -owned enterprise's operating system.Improvement.

A typical example comes from Tianjin Bohai Iron and Steel, which has recently exposed in the media.Faced with the severe overcapacity of steel and other industries that emerged after the global financial crisis stimulus policy, the steel industry's adjustment and revitalization plan released by the State Council in March 2009 hoped that by 2011, several production capacity in the country would be more than 50 million tons.Extra -scale steel companies have formed a large number of large steel companies with a capacity of 1,000 to 30 million tons.Under the guidance of the above -mentioned planning, the Tianjin Municipal Government merged Tianjin Steel Pipe, Tianjin Iron and Steel Group Co., Ltd., Tianjin Tiantie Metallurgical Group Co., Ltd., and Tianjin Metallurgical Group Co., Ltd. to form Bohai Steel.

In 2014 after the four companies realized finances, Bohai Iron and Steel entered the World Fortune 500 company list selected by the US Wealth Magazine, ranking 327th.In 2015, Bohai Iron and Steel ranked further from 327 to 304.

According to the relevant media reports, the four companies that merge the Bohai Iron and Steel are all the foundations of old state -owned enterprises. They have headaches in production and operation, product sales channels, etc., especially personnel resettlement.Budu.From formal mergers to real integration, the four different enterprises realize the initial expected mergers and acquisitions coordination effects. It is obviously not a day of work.

However, for the Bohai Iron and Steel, it is lucky and unfortunate that after its establishment, it is not only used as a hidden guarantee and financial endorsement provided by the government as a state -owned enterprise, but also has a global top 500 halo.The loan's olive branches have reached 100 billion yuan according to media statistics.With the large number of funds with a huge amount and relatively low cost, the Bohai Iron and Steel inevitably move towards the rapid expansion, and throw the more important and fundamental system conversion problem for state -owned enterprises.

Readers need to remind readers here that the ranking of the top 500 may not be able to explain the comprehensive strength and status of the enterprise.In the past two years, not only many Fortune 500 companies similar to Bohai Steel have fallen into a debt default example, but also a lot of business revenue on the list of companies on the list has greatly exceeded the data in the audit report (see chaotic Chinese companies 500Strong selection, author: Yao Ben).According to Mr. Yao Ben's observation, most of the 500 giants such as coal, steel, and non -ferrous coal of state -owned assets are integrated.

In addition to trade, it even directly falsely reported, and the integration of synonyms became a guide to the 500th in the eyes of Mr. Yao Ben.

Compared with the introduction of private capital background war, compared with the time and effort of mixed fees for ownership, the mergers and acquisitions and reorganizations of similar types of enterprises with relatively easy operation seem to directly achieve the purpose of being a state -owned enterprise.The Bohai Steel case tells us from the negative lesson that state -owned enterprises cannot simply pass through and grow up. If you want to grow bigger, you must first strengthen.

Second, the problem of the conversion of the operating system that state -owned enterprises being covered up and covered with the event still need to be solved by mixing.Bohai Iron and Steel has also become a typical example of helping mixed help after relying on the reform of state -owned enterprises.Since the end of 2015, the rapid expansion of Bohai Iron and Steel has fallen into a serious debt crisis, and 105 bank financial institutions have participated in liabilities as high as 192 billion yuan.The Bohai Iron and Steel production and operations have trapped in trouble.

In solving the Bohai Iron and Steel debt crisis, Tianjin's state -owned assets system first thought that in April 2016, the Tianjin steel pipes, which had relatively good operating conditions in April 2016, diverted from the Bohai Steel to the Tianjin SASAC.We see that after a short 6 -year -over, Tianjin steel pipe and three other houses have once again entered the state.

Think of many of the original state -owned enterprises in history to divide these enterprises into different enterprises in order to improve their competitive vitality and improve operating efficiency. After many years, in order to achieve the purpose of being a big state -owned enterprise, they also use Ralao to match the way of Lang Lang.Re -merged; and now, given the current situation of serious debt crisis and the prediction of system conversion expectations that cannot be achieved, they have to be forced to separate them again.Not only did we feel that the state -owned enterprises in the name of reform are divided into a combination.

Judging from the new measures launched by Tianjin SASAC on Tianjin Steel Pipe and Bohai Iron and Steel, we can summarize as the following two aspects.On the one hand, at the real economy level, the total liabilities of the current Bohai Iron and Steel Series are divided into two platforms: the main liabilities of the Bohai Iron and Steel Series into two platforms: the main steel industry and the non -steel main business.Among them, Delong Iron and Steel, which introduced the private capital background of the steel industry to make combat investment and carried out the reform of mixed ownership. On the other hand, in the state -owned asset management system, the Tianjin State -owned Assets Supervision Commission allocated all the shares of Tianjin steel pipes held to Tianjin state -owned capital.The operating platform's wholly -owned subsidiary of Jinlian Bohai state -owned assets, realizing the transformation of the state -owned management system from management enterprises to management capital.

We know that a new round of state -owned state -owned enterprise reforms with characteristics are currently mainly in parallel on two levels.One is to complete the transformation of the regulatory function of the state -owned asset management system from the level of management enterprises to the capital management system.It turned out that the SASAC, which was managed by people and management enterprises, participated in the investment and capital operations of physical enterprises through reorganizations and newly built investment and operation institutions as government and enterprise interfaces, and realized the effective separation of state -owned assets' capitalization and ownership and operating rights.

The second is that as a state -owned enterprise as an entity, on the basis of corporate system transformation, it is further introduced by introducing strategic investors, realizing mixing ownership, improving corporate governance, and establishing a modern enterprise system.We see, TianjinThe local SASAC's reform of Tianjin Steel Pipe and Bohai Iron and Steel has been promoting and carried out along the above -mentioned mixed ideas after experiencing and brought by various difficulties.

In a certain sense, the above practice of the local government of Tianjin City has provided a good example of the state -owned enterprise reform that we emphasized in this article.In fact, only through mixing can we introduce the private capital background war of profitable motivations to form a competition among major shareholders, thereby automatic error correction mechanism. On the one hand, the effective separation of ownership and operating rights, on the other hand, realizeThe conversion of the business mechanism will establish a long -term incentive mechanism.

Just as only by maintaining continuous opening to the outside world and providing a steady stream of external pressure and internal motivation for the reform, can the reform continue to advance in depth. We believe that only by the mix of different ownership can we realize the transformation of the operating mechanism conversion.Bring a real change.And it can only solve the pain of state -owned enterprise reform for a while. In order to fundamentally solve the problem of the conversion of the business mechanism of state -owned enterprises, it can only be achieved by mixing.Therefore, in the selection of state -owned enterprise reform paths, we emphasize that it is better to mix well.

China Unicom, known as the first share of central enterprises, provides a good example of the transformation and reform of the operating mechanism through mixed.After the completion of the mixed reform, 5 of the 8 non -independent directors such as BATJ and China Life Investment have a mixed reform.The so -called Unicom mixed reform model.Even in the state -owned listed companies, even non -state -owned institutional investors approved directors, and they could not imagine that the board of directors approved the majority.

At the 5G Innovation Summit held on April 23 on April 23, the chairman of China Unicom stated that after the mixed reform, China Unicom has changed in both ideas, atmosphere or mechanism.Let's boldly imagine that if the China Unicom did not introduce BATJ mixed reforms, but took the merger path with China Telecom, what would we see today?Of course, history cannot be assumed.

It should be noted that today's state -owned enterprises do not seem to be as useless as imagined.We noticed that through state -owned enterprises with similar or related or related M & A industries, the state -owned quantities directly managed by the SASAC.This will create positive conditions for the reorganization or reconstruction of the remaining state -owned holding group companies as a government and physical enterprise interface in the future, and will eventually help to achieve the purpose of the state -owned management system from management enterprises to management capital transformation.

(This article only represents the author's point of view. Editor -in -chief email: [email protected])